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Thread: Call me crazy, but I loaned my PCA $4,000 to buy a new (preowned) car.

  1. #11
    On a couple of occasions I have issued a pay check a week or two early. I do not think I would consider such a loan. I can see were that might affect the employer-employee relationship. For example, it would be hard to terminate someone who owes you a pile of money.
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  2. #12
    Moderator jody's Avatar
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    I was never loaned so much, however have always repaid.
    how is he planning on repaying you? for me, I paid a set amount monthly or a set amount was deducted from my pay each week, as twice it was an employer.

    paid my computer off that way, because roomie can get a no interest loan from work for electronics, so each month I added the payment to the rent check so it was easy to see how much and how long I made computer payments.

    it took me two years and I missed only one payment but paid two the next month.

  3. #13
    He paid $100 so far and promised (orally) to pay it back at a rate of $600 per month.

  4. #14
    Moderator jody's Avatar
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    that's a nice sum if he can swing it. Much more than if he had bought a nice newish car. Iv paid cars off with my tax return as well. iv never actually asked for a loan. it was offered because it was the only way I could still get there to work for them.

    I hope it works out ok.

  5. #15
    Super Moderator Sue Pendleton's Avatar
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    Peter, check out how the 3 credit agencies work and then let him know if it is paid back according to plan, or very close to, you'll send it in as a loan with payment info. It will help him get his next car using a bank or other loan agency. Nice thing to do anyway.
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  6. #16
    He's down to owing $3,700.

  7. #17
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    I guess you should know after 4.5 years whether he is honorable or not.

    And when you make a personal loan of that amount of money you should consider it gone. a gift.

    What may be worse is losing him as a PCA if and when he becomes embarrassed or whatever, and stops showing up. I think that would be my primary worry.

  8. #18
    The problem with loaning money to an aide, similar to having a romantic relationship, is that when this part of the relationship goes bad, it usually irretrievably damages the working relationship and thus you often wind up losing the employee as well.

    I loaned $1500 to an employee and when the payments were set to begin was told she didn't have at all. I got all my money back, but it was an ugly nine-month period that to this day is always foremost in my mind, though I don't know how much in hers. I vowed at that time never to loan money to employees or cross the line into a romantic relationship, though the latter can result in a productive outcome for both, albeit I would venture to say, rarely.

  9. #19
    Quote Originally Posted by Uncle Peter View Post
    He's down to owing $3,700.

    I'm curious if this represents a partial payment ($200 when he promised to pay $600 per month) or on-time weekly payments.

    Also, are you charging him interest?

  10. #20
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    I loaned my mother $5k. SPECIFICALLY told here it was a loan, not a gift. Even told here I did not need it back immediately, but I DO NEED IT BACK. I think it is somewhere around 5 years ago. I finally asked her if she was ever going to start paying it back. She claims I told her I did not need paid back.

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